Can I Really Name My Own Price With Progressive?






Despite it being billed as “naming your own price” in reality the MyRate program is not really an option allowing people to determine their rates. Instead, it is more or less a “pay as you go” program, which can result in major savings if the driver is extremely safe and/or just an occasional driver as opposed to a regular one. The program was implemented after studies determined that many drivers were likely to allow their car insurance to lapse as a money-saving measure in the current economy. The MyRate program means that drivers that deserve (in Progressive’s view) a good discount can receive it as opposed to simply allowing their coverage to lapse.

Essentially, in order to “name your own rate” you have to install a device into your car which monitors your driving habits and if Progressive determines you qualify, you can then get a discount – sometimes a substantive one – for your regular automobile insurance. The first step is to determine whether or not the program is allowed in your state since it is only available in thirty of the country’s fifty states. After this you have to pass the basic qualifying questions: (a) do you drive less than thirty miles a day? (b) do you drive after midnight? And (c) are you a defensive driver? If you meet these criteria and the program is available in your state, you can then enroll your vehicle into the MyRate program.

Once enrolled, Progressive will send you a MyRate device which is plugged into your vehicle’s on-board diagnostic system. This device records and transmits various information about your personal driving habits to Progressive in real time; including how many miles you drive each day, how fast you drive, whether or not you slam on the brakes, what time of day you drive and so on and so forth. Once the device is installed and the information is transmitted back to Progressive, they use it to determine whether or not you qualify for a MyRate premium reduction and how much that reduction should be. People enrolled in the program have the option of leaving it at any time and the worst case scenario for any driver is that they simply do not qualify for a discount at all.

Obviously this program is not exactly what most people think of when they think of the idea of “naming your own price”, though the MyRate program has received a lot of publicity associated with this phrase. Further, regardless of the possible reductions in premiums, progressive is still obligated to maintain the minimum level of insurance required by each individual state and this will always cost a significant amount of money. The MyRate program is most likely to favor senior citizens and stay-at-home parents that do little driving each day and generally only do so during safer times of day. So, yes, you can “name your own price” insofar as you are willing to curtail your own driving and modify your own driving habits to satisfy the requirements of the MyRate program. However, this has nothing to do with negotiating an individual price for your insurance without meeting the myRate program requirements.


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